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Income Taxes (Tables) | 12 Months Ended
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Dec. 30, 2022
Income Tax Disclosure [Abstract] |
Earnings Before Income Tax Expense | Earnings before income tax expense consist of (in thousands):
| 2022 |  | 2021 |  | 2020
Domestic | $ | 401,405 |  |  | $ | 370,903 |  |  | $ | 289,708 |
Foreign | 164,319 |  |  | 137,562 |  |  | 84,943 |
Total | $ | 565,724 |  |  | $ | 508,465 |  |  | $ | 374,651 |
Components of Income Tax Expense | Income tax expense consists of (in thousands):
| 2022 |  | 2021 |  | 2020
Current |  |  |  |  |
Federal | $ | 70,976 |  |  | $ | 77,703 |  |  | $ | 11,509 |
State and local | 5,948 |  |  | 7,493 |  |  | 3,217 |
Foreign | 38,152 |  |  | 29,975 |  |  | 18,722 |
Current income tax expense | 115,076 |  |  | 115,171 |  |  | 33,448 |
Deferred |  |  |  |  |
Domestic | (8,733) |  |  | (42,413) |  |  | 12,856 |
Foreign | (1,264) |  |  | (4,159) |  |  | (2,109) |
Deferred income tax expense (benefit) | (9,997) |  |  | (46,572) |  |  | 10,747 |
Total | $ | 105,079 |  |  | $ | 68,599 |  |  | $ | 44,195 |
Federal Tax Rate Reconciliation | A reconciliation between the U.S. federal statutory tax rate and the effective tax rate follows:
| 2022 |  | 2021 |  | 2020
Statutory tax rate | 21 | % |  | 21 | % |  | 21 | %
Tax effect of international operations | 1 |  |  | (1) |  |  | (2) |
State taxes, net of federal effect | 1 |  |  | 1 |  |  | 1 |
U.S. general business tax credits | (1) |  |  | (1) |  |  | (1) |
Loss on sale of business | — |  |  | — |  |  | 2 |
Stock compensation excess tax benefit | (1) |  |  | (2) |  |  | (6) |
Foreign Derived Intangible Income (FDII) | (2) |  |  | (5) |  |  | (3) |
Effective tax rate | 19 | % |  | 13 | % |  | 12 | %
Deferred Income Taxes | The deferred tax assets (liabilities) resulting from these differences were as follows (in thousands):
| 2022 |  | 2021
Inventory valuations | $ | 678 |  |  | $ | 1,181 |
Accrued self-insurance retentions | 1,626 |  |  | 1,534 |
Accrued warranty and service liabilities | 2,279 |  |  | 2,285 |
Vacation accruals | 3,409 |  |  | 3,261 |
Customer allowances | 4,143 |  |  | 4,028 |
Excess of tax over book depreciation and amortization | (42,322) |  |  | (39,785) |
Pension benefit obligation | 6,375 |  |  | 16,022 |
Postretirement medical benefit obligation | 5,072 |  |  | 5,028 |
Stock compensation | 12,390 |  |  | 11,442 |
Deferred compensation | 2,283 |  |  | 2,595 |
Deferred revenue | 2,160 |  |  | 2,427 |
Research and Development | 11,370 |  |  | — |
Prepayments from foreign subsidiaries | 36,070 |  |  | 32,969 |
Other | 2,114 |  |  | 2,138 |
Net deferred tax assets | $ | 47,647 |  |  | $ | 45,125 |

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